MARKET TRENDS
- Leasing neared 3.0 million square feet (msf) year to date, up 28.0% year over year. Q3 volume eased from Q2, but was still 25.0% above the fiveyear quarterly average, signaling sustained demand.
- Availability fell 450 basis points (bps) year over year to 17.5%, its lowest level since Q1 2021, reflecting sustained leasing demand and tighter market conditions.
- Overall asking rents held at $37.27 per square foot (psf) in Q3, up 1.3% year over year. Class A rents stood at $40.45 psf, supported by the scarcity of top-tier space.